CPP Cppgroup Plc

RNS Number:1891D
C.I. Traders Limited
21 September 2004



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN



For immediate release



 Recommended offer by Collins Stewart Limited on behalf of C.I. Traders Limited
                ("C.I. Traders") for ComProp Limited ("ComProp")



                  Offer declared unconditional in all respects



Collins Stewart Limited on behalf of C.I. Traders is pleased to announce that
all of the conditions of the recommended offer made on 23 August 2004 to acquire
the entire issued and to be issued share capital of ComProp not already held by
C.I. Traders or a subsidiary of C.I. Traders (the "Offer"), as set out in the
Offer Document dated 23 August 2004, have now been satisfied or waived and,
accordingly, the Offer is hereby declared unconditional in all respects.



The Offer will remain open for acceptance until further notice.



ComProp Shareholders who have not yet accepted the Offer, and wish to do so, are
urged to complete and return their Forms of Acceptance as soon as possible.
Consideration under the Offer will be despatched by 5 October 2004 to those
ComProp Shareholders who have already provided valid and complete acceptances
under the Offer.  Consideration in respect of valid acceptances received
following the date of this announcement will be despatched to accepting ComProp
Shareholders within 14 days of such receipt.



As at 11 a.m. today, 21 September 2004, valid acceptances of the Offer have been
received in respect of, in aggregate, 29,987,181 ComProp Shares, representing
approximately 84.11 per cent of the existing issued share capital of ComProp. In
addition, subsidiaries of C.I. Traders hold a further 2,743,549 ComProp Shares,
representing approximately 7.7 per cent. of the issued share capital of ComProp



Application has been made to the London Stock Exchange for admission to trading
on AIM of the 16,288,028 New C.I. Traders shares to be issued in respect of
these acceptances. It is expected that dealings will commence at the opening of
business on 22 September 2004.



Prior to the announcement of the Offer on 23 August 2004, C.I. Traders had
received irrevocable undertakings to accept, or procure acceptance of, the Offer
in respect of, in aggregate, 11,279,778 ComProp Shares, representing
approximately 31.6 per cent of the existing issued share capital of ComProp.



As indicated in the Offer Document, ComProp will now apply for the cancellation
of the listing of its shares on AIM and the CISX.  It is expected that such
cancellation will take effect from the opening of business on Wednesday, 20
October 2004.



C.I. Traders intends to acquire compulsorily any outstanding ComProp Shares to
which the Offer relates by applying the provisions of Articles 116 to 124
(inclusive)  of the Companies (Jersey) Law 1991, as amended.



Of the total acceptances received as at 11 a.m. on 21 September 2004 as set out
above, valid acceptances in respect of 11,501,777 ComProp Shares, representing
approximately 32.26 per cent. of the existing issued share capital of ComProp,
have been received from persons acting in concert with C.I. Traders.



As at the close of business on 20 August 2004, the last business day prior to
the commencement of the Offer Period, C.I. Traders and persons acting in concert
with C.I. Traders held 14,373,286 ComProp Shares, representing approximately
40.32 per cent. of the existing issued share capital of ComProp.



Since 23 August 2004, other than as referred to herein, neither C.I Traders nor
any person acting in concert with C.I. Traders has acquired or agreed to acquire
any ComProp Shares (or rights over such ComProp Shares) other than pursuant to
the Offer.



The Offer and acceptances under it remain on the terms and subject to the
conditions set out in the Offer Document.



Enquiries



Collins Stewart Limited, financial adviser to C.I. Traders

Andrew Dawber                                   Telephone:  020 7523 8350



Terms defined in the Offer Document dated 23 August 2004 have the same meanings
in this announcement.



The Directors of C.I. Traders accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of the
Directors of C.I. Traders (who have taken all reasonable care to ensure that
such is the case) the information contained in this  announcement is in
accordance with the facts and does not omit anything likely to affect the import
of such information.



Collins Stewart Limited is authorised and regulated by the Financial Services
Authority for investment business activities and is acting only for C.I. Traders
as financial adviser in relation to the Offer and is not acting for any other
person in relation to the Offer.  Collins Stewart Limited will not be
responsible to anyone other than C.I. Traders for providing the protections
afforded to its clients nor for providing advice in relation to the contents of
this announcement, the Offer or any other matter referred to herein.



The availability of the Offer to persons who are not resident in the Channel
Islands or the United Kingdom may be affected by the laws of the relevant
jurisdiction in which they are located.  Persons who are not resident in the
Channel Islands or the United Kingdom should inform themselves of, and observe,
any applicable requirements.



The Offer is not being made directly or indirectly in or into the United States,
Canada, Australia or Japan, except where permitted by applicable law.  Subject
to this exception, neither this announcement nor the Offer Document and/or the
Form of Acceptance may be distributed or sent in, into or from the United States
(whether by use of the mails or by any means or instrumentality of interstate or
foreign commerce,  Canada, Australia or Japan and doing so may render invalid
any purported acceptance.  Any person (including, without limitation, any
custodian, nominee or trustee) who may have a legal or contractual obligation to
forward this announcement, the Offer Document and/or the Form of Acceptance to
any jurisdiction outside the United Kingdom, should have regard to the above
provisions and if necessary take appropriate legal advice before taking any
action.



This announcement does not constitute, or form any part of, any offer for or
solicitation of any offer for securities or any inducement to acquire or dispose
of any securities.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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